Core Viewpoint - Despite the ongoing adjustment in the liquor industry, Luzhou Laojiao has demonstrated resilient growth through strategic adjustments, achieving revenue of 31.196 billion yuan in 2024, a year-on-year increase of 3.19%, and a net profit of 13.473 billion yuan, up 1.71% [1] Group 1: Financial Performance - In Q1 2025, Luzhou Laojiao reported operating revenue of 9.352 billion yuan, a year-on-year increase of 1.78%, and a net profit of 4.593 billion yuan, up 0.41%, indicating growth in both revenue and net profit [1] - The net cash flow from operating activities in 2024 was 19.18 billion yuan, reflecting a significant year-on-year increase of 80.14%, showcasing the health of the company's operations [2] - The revenue from mid-to-high-end liquor reached 27.59 billion yuan in 2024, with a year-on-year growth of 2.77%, maintaining stable gross margins [2] Group 2: Brand Strategy - Luzhou Laojiao has established a clear brand system focusing on "dual brands, three product lines, and major products," which has contributed to its robust performance [2] - The brand "Guojiao 1573" has entered the 20 billion yuan super product category, solidifying its position among China's top three high-end liquor brands [2] - The company emphasizes high-end brand strategy, with initiatives such as the "China Strong Aroma 700 Years" theme exhibition and various cultural events to enhance brand visibility [3] Group 3: Digital Transformation - Luzhou Laojiao is leading in digital transformation within the liquor industry, with the Huangyi Brewing Ecological Park being the largest in terms of solid-state liquor production and automation [6] - The introduction of the "five-code association" system allows for comprehensive tracking of products from production to consumption, enhancing marketing strategies and operational efficiency [6][7] - The company aims to explore various digital models in 2025, focusing on digital growth and customer profit levels [7] Group 4: Youth Engagement - Luzhou Laojiao is actively targeting younger consumers by launching products that cater to their preferences, such as low-alcohol options and innovative beverages [8] - The "Jiao Master Festival" has evolved into a significant event for engaging with younger audiences, enhancing brand interaction and cultural resonance [9] - The company's strategy aims to balance traditional business with emerging consumer trends, positioning itself for future growth in a changing market landscape [9]

编号：2025-4-29 | 投资者关系活动 | □特定对象调研 ★分析师会议 | | --- | --- | | 类别 | | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 股东大会交流 | | 参与单位名称及 | 天风证券：张潇倩；高盛：刘晔；东吴证券：孙瑜；中金公司： | | | 屈宁；广发证券：周源；国泰海通证券：李梓梧等共计 208 人。 | | 人员姓名 | | | 时间 | 2025 年 4 月 29 日 15:30-16:30 | | 地点 | 线上 | | 上市公司接待人 | | | 员姓名 | 王川、赵亮、姜通 | | | 1.公司一季度销售情况 近年来，公司以高质量发展为导向，全力推进"数智泸州老窖" 建设，保证渠道良性和价盘稳定，力争赢得长周期产业价值回报和企 | | | 业的可持续发展。一季度公司依托数字化营销体系，积极推动消费者 "开瓶"，保证价盘稳定和渠道健康，全国范围内库存水平良性，主 | | | 要大单品销售稳健，动销优于回款表现。 | | | 2.公司今年总体营销思路 | | | 公司管理层提出 6 大思 ...

4月23日开幕的2025上海车展上，MG发布全新品牌主张"YOUNG FOREVER智领风尚"。 诞生于1924年的MG品牌，自2007年加入上汽集团以来，逐步强化品牌的年轻化形象。站在百年新起点 上，MG再次强调了年轻化战略的核心地位。 "我经常被问到这个问题：海外到处都能看到MG，为什么国内MG的身影这么少？"MG品牌事业部总经 理周钘表示，这可能是很多原因造成的：全球市场承担的任务不只是提升市场占有率、强化品牌影响 力，还要赚钱。"但是国内要不要那么'卷'、不挣钱地卖车？我觉得可能在战略上有所选择。" 周钘曾把五菱带"破圈"。在他看来，MG品牌面临的情况和当年不一样，流量越来越贵，获取免费的流 量越来越难。但周钘认为，MG品牌有三张牌，首先是拥有悠久的历史，其次又足够年轻，最后是国际 化。接下来，要围绕品牌、产品、营销、渠道打造年轻标签。 谈及产品规划，周钘透露，MG品牌规划了"3+3+1"的产品计划，即三台轿车、三台SUV以及一台与众 不同的车。 渠道方面，MG品牌事业部销售运营总监陈天荣认为，此前MG一直以燃油车为主，如今MG车型的全面 新能源化，带来了新的挑战。但MG一直在推动网内投资人的再投资， ...

Core Viewpoint - Shanxi Fenjiu achieved significant growth in 2024, with revenue reaching 36.011 billion yuan, a year-on-year increase of 12.79%, and net profit of 12.243 billion yuan, up 17.29%, solidifying its position among the top three in the industry [1][3]. Group 1: Performance Resilience - In 2024, despite being in an industry adjustment cycle, the company optimized its product and market structure, resulting in double-digit growth in revenue and net profit [3]. - High-end liquor sales contributed significantly, with revenue from mid-to-high-end products reaching 26.532 billion yuan, a 14.35% increase, accounting for 73.68% of total revenue [3]. - The Qinghua Fen series remains a strategic focus, with the launch of "Qinghua Fenjiu 26·Revival" aimed at expanding market reach [3]. Group 2: Market Expansion - Revenue from markets outside Shanxi reached 22.374 billion yuan, growing by 13.81% [4]. - The number of external distributors increased to 3,718, adding 598 new distributors during the reporting period, supporting the company's national expansion strategy [4]. Group 3: Brand Empowerment - The company emphasizes cultural integration as a key advantage, launching various cultural initiatives and collaborations to engage with consumers [5]. - The "Youngization 1.0 Strategy" will be fully implemented by 2025, aiming to attract younger demographics and reshape the narrative of Chinese liquor [5]. Group 4: Sustainable Development - The company plans to maintain steady revenue growth and integrate ESG principles into its revival strategy, focusing on green, low-carbon, and high-quality development [7]. - The release of the 2024 ESG report highlights the commitment to environmental, social, and governance responsibilities as part of the company's growth strategy [7].

4月29日晚间，我国清香型白酒龙头——山西汾酒（600809）对外披露了2024年财报。公告显 示，报告期内，公司实现营业收入360.11亿元，同比增幅达12.79%；归母净利润为122.43亿元， 较去年同期增长17.29%，两大关键运营指标均保持两位数高增，显著跑赢白酒上市公司平均行业增 速，印证清香型品类扩容红利。 值得一提的是，同日，山西汾酒还披露了2025年一季报。截至今年3月，公司营业收入和归母净利 润分别录得165.23亿元和66.48亿元，同比分别增长7.72%和6.15%，显示出其盈利韧性超预期。 对此，有资深业内人士分析表示，自2017年启动国企改革三年行动以来，山西汾酒通过产品矩阵优 化、引入华润战略投资者、实施激励政策等举措，为全国化扩张储备了战略势能，配套产能扩张与全 链条数智化转型等，最终在白酒深度调整周期中，以汾酒速度实现"三分天下有其一"的战略突破， 重构行业格局。 未来，白酒行业仍存在结构性机会，次高端价格带品牌竞争格局仍然较为分散，全国性品牌和强势区 域品牌具备各自的竞争优势。其中，汾酒的青花系列品牌，在汾酒的品牌势能和清香型的香型差异化 上具备独特的优势，其通过品牌矩阵突 ...

Core Viewpoint - Shanxi Xinghuacun Fenjiu Company reported strong financial performance for 2024, with revenue of 36.011 billion yuan, a year-on-year increase of 12.79%, and a net profit of 12.243 billion yuan, up 17.29% [1] Financial Performance - In 2024, the company achieved revenue of 36.011 billion yuan and net profit of 12.243 billion yuan, marking significant growth in a challenging white liquor industry [1] - For Q1 2025, revenue reached 16.523 billion yuan, a 7.72% increase year-on-year, with net profit at 6.648 billion yuan, up 6.15% [1] Strategic Initiatives - The "Revitalization Program" has guided the company through its first phase, focusing on brand collaboration and expanding market presence, with over 62% of revenue coming from outside the province [1] - The company plans to launch the second phase of the "Revitalization Program," emphasizing national expansion 2.0, youth engagement, and internationalization strategies [1] Product and Market Development - In 2024, revenue from mid-to-high-end liquor reached 26.532 billion yuan, a 14.35% increase, while other liquor categories generated 9.342 billion yuan, up 9.40% [1] - The company has optimized its domestic market layout, with steady growth in the Yangtze River Delta and Pearl River Delta regions [1] - The product structure continues to improve, with mid-to-high-end products accounting for 73.97% of total revenue [1] International Marketing - The company reported over 50% growth in international sales, filling market gaps in 11 countries and organizing over 700 promotional events in 2024 [1] - Experience centers were established in multiple countries to enhance brand influence [1]

Core Insights - Company reported a revenue of approximately 2.751 billion yuan for 2024, representing a year-on-year growth of 4.09% and a net profit of approximately 28.9438 million yuan, up 30.16% year-on-year [1] - In Q1 2025, the company achieved a revenue of approximately 654 million yuan, a year-on-year increase of 1.75%, and a net profit of approximately 13.3067 million yuan, up 28.38% year-on-year [1] - The total number of operating stores reached 1,968, including 1,471 franchise stores and 497 directly operated stores, with a net increase of 31 stores during the same period [1] Business Model and Sales Channels - The company's primary sales channel is the "Yiming True Fresh Milk Bar" chain, supplemented by non-store sales channels such as regional distribution and direct sales [2] - The milk bar model combines fresh dairy products with baked goods, catering to the demand for convenient ready-to-eat food in densely populated areas [2] - The company emphasizes the freshness and health characteristics of its products, expanding the variety of dairy products offered alongside baked goods [2] Research and Development - The company increased its R&D investment, with R&D expenses reaching 55.8885 million yuan in 2024, a year-on-year growth of 13.13% [2] - The company holds a total of 69 valid patents, including 16 invention patents, 17 utility model patents, and 36 design patents, establishing a comprehensive protection system [2] - The company has developed and published its own standards for "nutritious breakfast," covering nutrient ratio models and visual identification systems [2] Production and Logistics - The company has established three efficient and intelligent central factories, enabling same-day production and delivery of products [3] - With the rapid growth of e-commerce, the order volume has increased by 200%, and the company has set up five distribution centers in central and eastern China to improve delivery efficiency [3] - The company has implemented a "Smart Yiming" integrated production and sales information system, receiving recognition as a pilot demonstration project for the integration of manufacturing and the internet [3] Market Positioning and Strategy - The company aims to maintain its position as the "first brand of milk bar chain in China" by expanding its channels through differentiated models such as experience stores and standard stores [3] - The focus is on the core consumer group of families with post-95s, enhancing product offerings and marketing strategies around four key consumption scenarios: nutritious breakfast, healthy lunch, colorful afternoon tea, and children's social spaces [3] - The company is committed to brand rejuvenation and precise targeting of its audience through improved product strength and creative promotions [3]

Group 1 - The core viewpoint of the articles highlights the financial performance and strategic initiatives of Quanjude, including a revenue of 332 million yuan and a net profit of 4.21 million yuan for Q1 2025 [1] - Quanjude is actively exploring the transformation of its time-honored brand towards a younger demographic, implementing a strategy that combines traditional branding with new technology [1] - The company has engaged in deep cooperation with Meituan since Q4 2024, focusing on product structure, store models, and digital operations, leading to the creation of new "brand satellite stores" [1] Group 2 - Quanjude has announced the opening of its first direct-operated store in Haikou, Hainan, set to open in May 2025, with an area of over 756 square meters to cater to various dining scenarios [1] - The company showcased its "Zero Research Institute" brand at the 112th Chengdu Spring Sugar and Alcohol Fair, featuring a range of healthy snack products, including duck-based items [2] - Quanjude aims to enhance customer experience through a dual-track model of "themed stores + retail," focusing on both core customer retention and reaching a broader audience with snack and customized products [2]

Core Viewpoint - MG brand is facing challenges in domestic sales despite strong performance in the European market, with a strategic focus on enhancing brand image and achieving balanced growth in both domestic and international markets [3][5][6] Group 1: Market Performance - In 2024, MG's sales in Europe reached 243,400 units, a 21.7% increase from 2023 [3] - The MG4 model is priced around 300,000 RMB in Europe, with sales driven by intelligent features and brand recognition rather than low pricing [3] Group 2: Strategic Goals - MG aims to achieve a domestic sales target of 400,000 units by 2025, with a requirement for six main models to average over 5,000 units sold per month [6] - The company is focusing on synchronizing domestic and international market growth through new product launches and channel optimization [3][6] Group 3: Brand Image and Product Development - MG has introduced a new brand proposition "YOUNG FOREVER智领风尚," emphasizing youthfulness, style, and intelligence [5] - The company plans to launch a product matrix of three sedans, three SUVs, and one special model to cover mainstream markets [5] Group 4: Channel and Marketing Strategy - MG currently has 240 stores in China and plans to attract new dealers through a 700 million RMB support plan, including community store models [6] - The marketing strategy includes expanding the public relations team from 5 to 30 members and enhancing new media operations for better user engagement [6]